A. O. Smith Corp. announced today it has received a proposal from Smith Investment Co., which plans to restructure its holdings in A.O. Smith by transferring the ownership of its controlling shares of the company to its individual shareholders.
The proposed transaction would result in the shareholders of Smith Investment, a Milwaukee-based firm, having direct ownership of the same number and type of A. O. Smith shares currently held by Smith Investment.
The outstanding shares of A. O. Smith not held by Smith Investment would remain outstanding. Smith Investment currently controls more than 50 percent of the voting power of A. O. Smith.
Pursuant to the proposed transaction, Smith Investment, which is owned primarily by members of the Smith family, would be merged with a newly formed subsidiary of A. O. Smith.
Smith is also one of the largest manufacturers of electric motors for residential and commercial applications in North America.
Smith family to divest of A.O. Smith shares
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